The Texas State Securities Board announced on Dec. 18 that Bruce Kyle Griffith of Dallas will serve eight years and three months in federal prison for operating a $2 million oil and gas fraud. Griffith was also ordered to pay restitution of $2.5 million. Griffith pleaded guilty to two counts of securities fraud last December.
Griffith is the former CEO of Always Consulting Inc. (ACI) of Richardson. This was not his first conviction. According to the State Securities Board, Griffith had a federal conviction for bank robbery, one controlled substance conviction, and two state felony theft convictions.
Always Consulting raised money for a drilling project called Rattlesnake Springs in Osage County, Oklahoma, but the company failed to drill wells or return investors’ money.
ACI geologist Thomas Alden Markham Jr. was also sentenced Dec. 18 in U.S. District Court in Dallas after pleading guilty to one count of misprision of a felony for failing to disclose that he knew ACI was perpetrating a fraud. Markham was sentenced to one year and nine months in prison and ordered to pay $1.5 million in restitution. Markham also had a federal conviction before ACI. He was convicted of mail fraud and ordered to pay restitution of $395,786.